In the recent past, Industry 4.0 is leading to game-changing transformations. It is bridging the gap between the real and virtual world, interconnecting the two via robust artificial intelligence (AI), Internet of Things (IoT), and cloud computing technologies. The manufacturing industry is set to undergo tremendous transformations. Against this backdrop, the global digital twin market is set to exhibit paced growth. A digital twin is an accurate digital representation of a physical object, it can be anything between a tool, a component of a machine, or entire models of a product. It enables using real-world data to create simulations and predict how a product or process will perform. It significantly enhances production processes, saves costs, maintains high product quality, and ensures safety in the real world. Many industries such as manufacturing, automobiles and aviation are leveraging the benefits of the digital twin technology.
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Paced Digital Twin Adoption Across Industries to Sustain Digital Twin Market Growth
Notable benefits of digital twin such as higher reliability, decreased production costs, and better quality control is aiding its adoption across industries. Automotive, construction, manufacturing, and healthcare are some of the major industries that are employing digital twin technology effectively. This trend is to continue as more industries will continue to digitalise across the projection period. Moreover, the prolific growth in cloud, AI, and IoT technologies are set to facilitate tremendous breakthroughs in digital twin technologies. Organisations are actively adopting such innovations to improve operation and system productivity. The cumulative force of these factors is set to create ample growth possibilities in the global digital twin market.
3D Simulation and 3D Printing Technologies to Increase Digital Twin Employment
Notable innovations in 3D simulation, 3D printing, and imaging technologies are projected to open novel growth prospects in the global digital twin market. The automotive and transportation industries are showcasing lucrative opportunities in the upcoming years. Such promising trends are future supported by paced adoption of automation technologies including robotic process automation (RPA). The fourth industrial revolution, commonly referred to as Industry 4.0, is gaining momentum across business spheres. All these transformations are enabling better fleet management, vehicle design, and safety and performance simulation. Many major industry players are projected to actively employ digital twin technologies to gain a competitive edge in the forecast period.
Asia Pacific to Dominate Digital Twin Market Amidst Flourishing Manufacturing Activities
Robust advancements in regional manufacturing and automotive industries are creating considerable possibilities in the digital twin market in the Asia Pacific. Major economies such as India, China, South Korea, and Japan are emerging as key automotive manufacturers with global relevance. Many major industry players are increasing their investments in the economies as the region provides an affordable workforce, favourable government norms, and better access to raw materials. This market region is also undergoing rapid digital transformations which are set to increase digital twin adoption.
Notable Market Entities
Some of the key players in the global digital twin market include Lockheed Martin, L3Harris Technologies, Tyvak Nano-Satellite Systems Inc, AAC Clyde Space AB, Swarm Technologies Inc, Astro Digital, Surrey Satellite Technology Ltd, GomSpace, Planet Labs, and Sierra Nevada Corporation.
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